Prepare Journal Entries for the following transactions. You do not need to write explanations. The company purchased equipment for $30,000 cash. The company purchased $10,000 of inventory on account. The company paid $5,000 on an Accounts Payable amount owed to a vendor The company paid their electric bill of $200. In 2014, the company paid $12,000 for their 2015 insurance premium. The company billed a customer for $10,000 in services performed. The company received $5,000 for a cash sale. The company received $1,500 from a customer as a payment on an Accounts Receivable, In 2014, the company received a $3,000 cash deposit for services that will be provided in 2015. Page 4 Satement lance - April 1, 2013 TCL Company's Books Cash balance, April 30, 2013 $10,900 $10,500 $ 800 $2,200 $150 posits & Other Additions Aprill 2. 2013 Apr 23, 2013 April 30, 2013 Interest earned Total Deposits & Other Additions Checks pald: Check 305 $ 1,200 Check 306 $ 300 Total Checks paid April Cash Receipts April 1, 2013 April 22, 2013 April 29, 2013 $ 800 $2,200 $1,300 $3,150 Checka 308 $200 $ 2,4001 April Check Disbursements Check # 305 $1,200 Check #306 $ 300 Check # 307 $1,500 Check # 308 $ 900 Other Deductions: Service charges NFS check from customer Blue Corp. Total Other Deductions $ 100 $ 300 BS.4001 Balance - April 30, 2013 $10.95 REQUIRED: Using the Bank Statement above left and the Book cash activity & balance above right, prepare a properly formatted April 2013 Bank Reconciliation for TCL Company. Bad Debts 1. Oak Company uses the Aging of Receivables method to determine Bad Debt Expense. Based on their analysis, the estimate that $31,000 of A/R will be uncollectible. The current balance in the Allowance for Bad Debts is a credit of $12,000. Prepare the journal entry Oak would make to record estimated bad debts. 2. Tippy Company uses the % of Sales method to determine Bad Debt Expense. Based on their analysis, they estima that $31,000 of credit sales will be uncollectible. The current balance in the Allowance for Bad Debts is a credit of $12,000. How much will Tippy record as bad debt expense